Spamwich's  Instablog

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Specialty: Technical Analysis My early years were not so rich, I had a poor family, at age 12 I landed my first job as dishwasher for $6/hr, by 14 years old my mother suggested to cut grass around our town for extra money, so with what little money I had, I put into some fliers and a lawnmower.... More
  • $SPY: Paving The Road For 2000; March EOM Target Set 0 comments
    Mar 2, 2014 1:35 PM

    February was unquestionably a wild month, and beyond typical standards with a point range spanning over 130 points, with a nice close above the 2 month strong resistance, and achieving "green status" for the year.

    The weekly chart is showing a bullish cross on the MACD while buy signals are still in tact on just above every larger time frame, giving an end of month target of 1890-1910, there is an outside chance of extending to 1950 in a full blown breakout month.

    To keep my end of month expectations I do not want to see a correction exceeding 1820 for the month of March... Also to further explain the invalidations to my primary and larger bullish expectations would require price to break down further than 1730, and a month exceeding a downward move of 130 points would certainly change my bullish tone. For those looking to take the bearish trade I would recommend to start taking profits in the 1810 if reached early in the month of march, this is my first reversal region, with the price of 1770 being the ultimate sell zone and buy the dip scenario (technical confirmation).

    To conclude my monthly expectations, I'm immediate term bullish, I expect price to continue upwards as I'm looking at the monthly close as a break out, coincidently the old 2 month support region of 1845 was tested as support just before the close, breaking 1835 would change my immediate bullish outlook but not my longer term view... Before opening any new long positions I would rather wait for the daily indicators to settle and give clear signals like we observed on the reversal at 1730.

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